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In some ways shrinkflation is "cyclical" in that inflation rises costs, companies try to cheat consumers by shrinking products, but wages go up and "premium" products launch that are a decent quantity again. Those do well, but then inflation hits again, they shittify and shrinkflation happens again.
The long standing "big" brands never recover, but new stuff does come along. Good example is the "premium" chocolate bars that come along, their selling point being they had more cocoa in them. The established mass market brands used to have cocoa in them, but reduced the proportion to save costs. Now some of those "premium" brands have reduced the cocoa content and new even more expensive chocolate brands are available.
Fun fact: most American chocolates cannot be called chocolate in the EU because they don't contain enough cocoa.
Equally though many European chocolates can't be called chocolate in the US because they have too much vegetable or seed oil in as a ratio to cocoa butter.
Enshittification happens in both places, they just toe the line of the rules in each.
That's mainly the British ones, to be fair. Brits developed a taste for vegetable oil during the war, and we're nothing if not nostalgic.
Huh. I had no idea.
More British than European typically.